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GBP/USD Consolidates with Overall Bearish Bias

GBP/USD (a daily chart of which is shown) as of Monday (1/10/2011) has continued to consolidate well above key support in the 1.5350 price region within the context of a clear bearish trend extending from the early November 2010 1.6300 highs. The overall directional bias on GBP/USD continues to be bearish. For more GBP/USD forex technical analysis, please click here.

James Chen, CTA, CMT